Olje

Flipper
05.12.2018 kl 23:20 6258

Canadian light diff fell by 89c to $17.96, WCS diff fell by 88c to 23.69, both for January today
For February-December:

Canadian light - $11-12 which is historically elevated by $8-9

WCS - $18.5-21.5 which is historically elevated by $3.5-6.5

Notes:
1. If Canada implements cuts as required, it will drain its inventories at the rate of 4mm bbl per month and finish the job to bring it from 35mm bbl to 19mm bbl in 4 months since January.
If they decide to drain more, they can bring it to 15mm bbl by the end of May.

2. Diffs could potentially restore to historical levels of Edmonton light at $3 and WCS - at $14-15.

3. To be on the safe side - heavy oil production can be better controlled than light oil from multiple small producers, so Edmonton light diffs may be brought to wider than historical, at about $5.

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